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Yes, it is possible to set multiple conditional formats and also to even have them active at the same time. So if one formatting only specifies a text colour and the other only a background, then you can get both effects in a cell. The very tricky thing is that once you set it, you will not be able to unset formatting, so you need to switch to the " Red Border" that is preset before actually adjusting your pre-determined desired format.
For example, there is a table that contains the name (Column A) and subject wise marks (Columns B to G) of students of a class. Say the class has 50 students. Row 1 will heave headers so that data will be populated in Rows 2 to 51.
One level of conditional formatting that can be applied to cells B2 to G51 is that if the value of the cell is greater or equal to 35, the cell must turn green. The second level of conditional formatting can be set as if the marks of that subject are more significant than the class average; then the font must turn Bold.
Hence, in the first case, a cell is a part of range A2: G51, and in the second case it is a part of column B, C, D, E, F or G. Depending on the value, a cell can become both Green as well as BOLD.
There is one more thing. You can select the option of stopping further rules to be applied if the first rule is run TRUE.
Hope this helps
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